Recommendations
Recommendation 1
4.11 The
committee recommends that the Government give positive consideration to the
suggestions from ASIC to amending the Corporations Act 2001 (Cth),
to ameliorate the risk of the one-year default period being made available to
bankrupts for whom such a concession is not a desirable or justifiable outcome.
Recommendation 2
4.12 Subject
to the foregoing recommendation the committee recommends that the Senate pass
the BAEI bill.
Recommendation 3
4.22 The
committee recommends that the government consider amending the BADAR bill to
allow for debt agreements implemented under a three year cap to be capable of
being extended by up to an additional two years by agreement of the debtor,
creditors, and debt agreement administrator.
Recommendation 4
4.23 The
committee recommends that the government consider including provision in the
BADAR bill to require the minister to have regard to the cost of living for
low-income households, the average cost of housing, and potential CPR
increases, when setting the payment to income ratio, and whether differential
payment to income ratios based on a debtor's ability to cover costs of living
at a reasonable standard could be appropriate.
Recommendation 5
4.24 Subject
to recommendations 3 and 4, the committee recommends that the BADAR bill be
passed.
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